Mondi Group Fixed Income Investor Presentation...3 Mondi at a glance 2017 Revenue1 ROCE Products...

Mondi GroupFixed Income Investor PresentationApril 2018

2

Agenda

Group overview and strategy

Capital structure and financial policies

2017 financial results

Market and operational review

Summary

Appendices

3

Mondi at a glance

2017Revenue1

& ROCE

Products

26.3% 11.3% 10.4% 27.8%

€2,292m €2,055m €1,646m €1,832m

29%

1 Segment revenues, before elimination of inter-segment revenues

Packaging Paper Consumer Packaging Uncoated Fine Paper Fibre Packaging

26%21%

24%

4

A consistent strategy delivering industry leading returns

699 767 957 981 1,018

15.3%17.2%

20.5% 20.3% 19.7%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

2013 2014 2015 2016 2017

ROCE

715 796 1,039 1,061 948

2013 2014 2015 2016 2017

CAGR 7%

Underlying operating profit and ROCE€ million

Cash flow generation1

€ million

+

1 Cash flow generation based on net cash generated before capital expenditure, shareholder distributions, acquisitions and disposals

5

Robust financial position

1,61

9

1,61

3

1,49

8

1,38

3

1,32

6

1.5x 1.4x1.1x 1.0x 0.9x

(1.2)

(0.7)

(0.2)

0.3

0.8

1.3

1.8

2.3

2.8

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013 2014 2015 2016 2017

Net debt Net debt / underlying EBITDA

● Key financial policy○ Retain Investment Grade credit

metrics

● Current ratings:○ Moody’s Investors Service at Baa1

(stable outlook)○ Standard & Poor’s at BBB+

(stable outlook)

+

Net debt and net debt / underlying EBITDA€ million

6

Strong cash flow generation through the cycle

1 Net cash generated before capital expenditure, shareholder distributions, acquisitions and disposals2 Source: FOEX Indexes Ltd

0.3

(1.4)

Cash flow bridge over 5 year period

538 705 516 648 549 715 796 1,039 1,061 948 300

400

500

600

700

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

kraftliner

Cash flow generation 1 and kraftliner selling price 2€ million

€7.5 b i l l ion cash generated over the last 10 years

€/to

nne

7

Strong global presence

Revenue by location of customer%

Revenue by location of production%

+

22%

38%10%

6%

11%

13% Emerging Europe

Western Europe

Russia

South Africa

North America

Other

Product mix%

Net operating assets by location%

33%

36%

13%

9%8% 1% Emerging Europe

Western Europe

Russia

South Africa

North America

Other

39%

30%

11%

13%5% 2% Emerging Europe

Western Europe

Russia

South Africa

North America

Other

51%

22%

18%

9% Consumer-relatedpackaging

Industrial packaging

Uncoated fine paper

Other

1 Comprises containerboard, corrugated packaging and consumer packaging

1

8

Well positioned to leverage global industry growth trends

+2.4%

+11.6%

+7.9%

Mondi revenue2017 vs 20162

Emerging markets growthNominal €, 2016-2017E

WesternEuropeGDP1

EasternEuropeGDP1

Key global industry trends

Light-weighting RecyclableSu

stai

nabi

lity

ConvenienceE-commerce

Rigid to flexibles

1 Source: IHS Markit, updated as of 1 March 2018 2 Emerging Europe and Russia

9

Our cost advantaged operations

100% 73% 43% 100% 35% 37%

27% 57% 25% 40% 100%

32% 11%

8%12% 12%

Whi

te to

pkr

aftli

ner

Unb

leac

hed

kraf

tline

r

Sem

i-che

mic

alflu

ting

Rec

ycle

dflu

ting

Unb

leac

hed

sack

kraf

t pap

er UFP

²

BH

KP

(pul

p)³

1 Delivered to Frankfurt except where noted 3 Delivered to Rotterdam Source: RISI (Q3 2017) and Mondi estimates2 Includes specialities 4 European capacity except white top kraftliner, unbleached sack kraft paper and BHKP (global)

Q4

Q3

Q2

Q1

Cost quartile1,4

%

10

405 562 595 465 611

113%

159% 164%

124%

147%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

0

100

200

300

400

500

600

700

800

900

2013 2014 2015 2016 2017 2018E 2019E

Capex and investment in intangible assets as a % ofdepreciation, amortisation and impairments

Continued investment in our world class asset base

€700

-€8

00 m

illio

n

€700

-€8

00 m

illio

n

Capital expenditure€ million

€770 millioncommitted to major

capital projects

(2013 – 2016)

● Strong contribution from major capital projects

○ €175 million of incremental operating profit over the last four years, including €25 million in 2017

○ €15 million expected in 2018

● Capital expenditure expected to be in the range of €700 - €800 million per annum in 2018 and 2019:

○ Štětí modernisation and woodyard upgrade (€335 million and €41 million)

○ Ružomberok new kraft top white machine and related pulp mill upgrade (€310 million)

○ Debottlenecking at Syktyvkar as part of our plan to increase saleable production by around 100 ktpa

○ Targeted expansionary investments in Fibre Packaging and Consumer Packaging

Key projects expected to increase current saleable pulp and paper production by around 9% when in full operation

+

Over €750 million approved major capital

expenditure projects

(2017+)

11

Ongoing major capital investment projects

● Replacement of recovery boiler, rebuild of fibre lines and debottlenecking of paper machines

● Benefits:o increased saleable production – 90,000 tonnes per annum

market pulp and 55,000 tonnes per annum packaging paper o reduced environmental footprint, increased electricity

self-sufficiency, lower production costs● Approved and in progress, expected start-up in late 2018

● 300,000 tonne per annum kraft top white machine

● Debottlenecking pulp mill – increasing capacity by 100,000 tonnes per annum

● Incentives received

● Pulp mill upgrade in progress, start-up expected in late 2019

● Paper mill expected start-up in 2020 (subject to permitting)

Ružomberok mill, Slovakia (€310 million) Štětí mill, Czech Republic (€335 million)

12

Acquisition in progress

Powerflute

● Signed agreement to acquire 100% interest for a total consideration of €365 million on a debt and cash-free basis in December 2017

● Integrated pulp and paper mill in Kuopio (Finland) with an annual production capacity of 285,000 tonnes of high-performance semi-chemical fluting

● Production sold to a diverse range of customers, primarily for packaging fresh fruit and vegetables, but also other end-uses such as electronics, chemicals and pharmaceuticals

● Around half of the company’s production is sold in Europe, while the remainder is exported globally

● Anticipate completion of this transaction in the first half of 2018, subject to competition clearance and customary closing conditions

13

Dedicated resources driving innovation● €23 million on R&D in 2017

● 6 R&D centres

Close co-operation with customers, universities and research partners

Continued innovation with our customers

Simple Sphere Courier Express Packaging –e-commerce paper bag

Sustainable solution

CornerPack

- Efficient and sustainable, light-weight packaging solution

- Enables faster packaging process with decreased logistic costs

- Flexible, yet strong and durable

- Responding to consumers’ demand for convenience in snacks on-the-go

- Easy-to-use parallel semi-circular openings

- Highly intuitive scoring line giving full control over the size of the opening

- Replaces wooden crates used to transport car bonnets from Sweden to China

- Collaboration with Scandinavian partner aPak AB

- Heavy-duty cardboard packaging offering shorter assembly and dismantling times

- Environmentally friendly alternative

14

Lebedyan(Corrugated)

Strong track record of acquisitions

€1.6 billion invested in acquisitions since 2012Mondi has maintained and improved its investment grade credit ratings throughout this period

2015 2016

SIMET(Corrugated)

Intercell(Industrial Bags)

Ṥwiecieminorities

(Containerboard)

Kalenobel(Consumer Packaging)

Ascania(Consumer Packaging)

Graphic Packaging plants

(Kraft Paper & Industrial Bags)

2014

2 Duropackplants

(Corrugated)

2012

Nordenia(Consumer Packaging)

KSP(Consumer Packaging)

Uralplastic(Consumer Packaging)

Packaging Paper Fibre Packaging Consumer Packaging

2017

ExcelsiorTechnologies

(Consumer Packaging)

15

Cash flow priorities – reinvested for growth

Five-year cumulative cash flow (2013–2017)€ billion

Invested in asset base

(2.6)

Cash flow generation Net spent on acquisitions and disposals

Change in net debt

(0.5)(0.4)

Distributed to shareholders

(1.1)

Support payment of dividends to our

shareholders

Grow through selective capital

investment opportunities

Maintain our strong and stable financial position and

investment grade credit metrics

Evaluate growth opportunities through M&A

and/or increased shareholder distributions

4.6

16

Creating sustainable value through our strategic framework

17





Summary

Appendices

18

Capital structure & financial policies

Conservative approach to leverage● Capital structure to maintain investment grade credit metrics

● Articulated as a key strategic objective

Single bank facility covenant 3.5x Net Debt/EBITDA● Significant headroom on current ratio

● Net Debt/EBITDA of 0.9x as at 31 December 2017

Rigorous asset management & capital deployment● ROCE key internal and public management target

● Significant % of management performance indexed to ROCE

Group hedging policies● Transactional FX exposures hedged

● Interest rate exposure hedged via fixed rate bonds

Dividend policy● Dividend cover (underlying EPS / DPS) of 2 to 3 times on average through the cycle

19

Our cash flow priorities remain unchanged

Free cash flow priorities

As appropriate

Maintain our strong and stable financial position and investment grade credit metrics

Support payment of dividends to our shareholders

Evaluate growth opportunities through M&A and/or increased shareholder distributions

Grow through selective capital investment opportunities

20

● Net debt down €57 million reflecting strong cash generating capacity despite ongoing capital expenditure programme

● Lower finance costs driven by

○ Lower average net debt○ Lower effective interest rate

● In April 2017, redeemed 5.75% €500 million Eurobond from available cash and undrawn debt facilities on maturity

● Investment grade credit ratings

○ Moody’s Investors Service rating upgraded to Baa1 (stable outlook)

○ Standard & Poor’s rating upgraded to BBB+ (stable outlook)

Finance costs and net debt

€ million 2017 2016%

changeNet debt 1,326 1,383 4%

Average net debt 1,376 1,476 7%Net interest expense (before capitalised interest) 61 92 34%Effective interest rate 4.5% 6.2%Committed facilities 1,987 2,497Of which undrawn 791 812Net (bank overdraft) / cash position (66) 377Net debt/12-month trailing underlying EBITDA (times) 0.9 1.0

8%8% 5% Euro

Polish zlotyCzech korunaUS dollarSA randTurkish liraOther

Strong, stable financial position provides flexibility and underpins strong credit ratings

Currency split of net debt (€1,326 million)%

+

1 Net cash in other currencies (-3%)

1

39%

23%

20%

211 Mondi – at 31 December 2017

99

10

500 500 733

-

250

500

750

1,000

1,250

2018 2019 2020 2021 2022 > 2022

Drawn Bond RCF headroom Other headroom

Committed debt facilities

Maturity profile of committed facilities€ million

22

Credit Ratings

“The Baa1 issuer rating of Mondi plc primarily recognises its: well-diversified business profile in terms of products, regions and end markets, supporting relatively good stability of the business through the cycle…

…track record of high and structurally improved margins …. and above most of the paper and packaging peers, owing to the majority of the group's assets being located in higher-growth and lower-cost emerging markets, as well as Mondi’s strong vertical integration fibre and energy…

...a track record of good free cashflow generation ...

... a track record of managing growth conservatively…”

Moody’s 8 September 2017

Long-Term Corporate Credit Rating: BBB+

Outlook Stable

Issuer Rating: Baa1

Outlook Stable

Moody’s S&P

“Mondi Group upgraded to BBB+ on strengthening credit metrics ...

… Despite the recently announced special dividend, Mondi’s credit metrics retain some headroom for further acquisitions or shareholder returns, while we believe financial policy will remain conservative…

… We continue to consider Mondi’s business risk profile as satisfactory, underpinned by the group’s well-invested asset base, which results in excellent profitability compared with the broader forest and paper products sector …

… We also consider Mondi’s strong market positions, its wide product and geographical diversity and its strong cost position as positive for the rating…”

S&P 12 April 2018

23

2.6x 2.6x 2.6x 2.4x 2.4x20

30

40

50

60

70

80

90

100

110

2013 2014 2015 2016 2017¹ 2017special

dividend²Ordinary dividend cover (times)

Continued growth in shareholder returns

Ordinary dividend CAGR: 15%

3642

5257

Dividends declared and recommendedeuro cents per share

+

●Ordinary dividend policy unchanged, 2-3x covered across the cycle

● The Boards regularly review the Group’s capital allocation priorities to optimise value accretive growth and long-term returns for shareholders

○Given our strong balance sheet position and confidence in the Group’s ongoing cash generating capacity, the Boards recommended a special dividend of 100 euro cents per share

62

100

1 Based on recommended final ordinary dividend of 42.90 euro cents per share2 Special dividend of 100 euro cents per share recommended in addition to ordinary dividend

24





Summary

Appendices

25

699 767 957 981 1,018

15.3%17.2%

20.5% 20.3% 19.7%

0.0%

5.0%

10.0%

15.0%

20.0%

2013 2014 2015 2016 2017ROCE (%)

● Robust financial performance

○ Revenue up 7% and underlying EBITDA up 6%

○ Underlying operating profit up 4%

○ Underlying basic earnings per share up 8%

● Over €750 million of approved major capital expenditure projects

in progress, securing a strong growth pipeline

● Acquisitions totalling over €400 million completed or announced,

expanding our product offering to better serve customers

● Delivered against our 2020 Growing Responsibly model

commitments and renewed our WWF partnership

● Recommended special dividend of 100.0 euro cents per share in

addition to full year ordinary dividend of 62.0 euro cents per share95.0 107.3 133.7 137.8 149.5

2013 2014 2015 2016 2017

Highlights

Robust financial performance

Underlying operating profit and ROCE€ million

Underlying basic earnings per shareeuro cents per share

+

26

Operating financial highlights

€ million 2017 2016%

change

Group revenue 7,096 6,662 7%

Underlying EBITDA 1,444 1,366 6%

% Margin 20.3% 20.5%

Underlying operating profit 1,018 981 4%

% Margin 14.3% 14.7%

Group ROCE 19.7% 20.3%

27

981

1,018

1 Breakdown excludes corporate costs

Business unit contribution

46%

11%

12%

31%

Packaging Paper

Fibre Packaging

Consumer Packaging

Uncoated Fine Paper

2016 Packaging Paper

Fibre Packaging

Consumer Packaging

Uncoated Fine Paper

Corporate 2017

(12) 11

(28)

(3)(44)85

Business unit underlying operating profit development€ million

2017 underlying operating profit contribution by business unit¹%

+

28





Summary

Appendices

29

341 375 423 397 482

22.3%24.3% 25.9%

23.1%26.3%

16.0%17.9% 19.1% 18.9%

21.0%

2013 2014 2015 2016 2017ROCE Underlying operating profit margin

● Strong performance with underlying operating profit up 21%

● Driven by:

○ higher average selling prices

○ sales volume growth in higher value added products

● Partly offset by:

○ higher costs

○ negative currency effects

Packaging Paper

Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper

Underlying operating profit, margin and ROCE€ million

+

0.7 0.8 0.9 1.0 1.1 1.2 1.3

2013 2014 2015 2016 2017

VCB RCB Kraft paper

Production volumesVolumes indexed to 2013

30

300

350

400

450

500

550

600

650

700

750

800

12/2012 12/2013 12/2014 12/2015 12/2016 12/2017

Source: FOEX Indexes Ltd and CEPI containerboard deliveries December 2017

Virgin containerboard

● Strong demand - industry deliveries to Europe grew by around 2%, restricted by supply

● Limited industry capacity additions

● Lower kraftliner imports to Europe due to global pick up in demand

● Higher average prices year-on-year, although magnitude of change varied by grade. Based on average benchmark European prices:

○ unbleached kraftliner up 13% year-on-year and up 16% H2 vs H1 2017

○ white top kraftliner and semi-chemical fluting prices up 2% to 3% year-on-year

● No significant new capacity expected in Europe in the next three years

Packaging Paper | industry fundamentals

White top kraftlinerKraftliner


Selling prices€/tonne

+

31

300

350

400

450

500

550

600

650

700

750

800

12/2012 12/2013 12/2014 12/2015 12/2016 12/2017

Source: FOEX Indexes Ltd and CEPI containerboard deliveries December 2017

Recycled containerboard

● Strong demand - industry deliveries to Europe grew by around 6%

● Average benchmark European prices up 10% year-on-year

● Estimated European net industry capacity expansion in 2018 of around 1 million tonnes (±3%), currently matched by demand growth

Containerboard 2018 pricing

● Price increases in the range of €30 to €50 per tonne implemented in Europe across all containerboard grades during January and February 2018

○ in response to continued strong demand driven by a generally positive economic environment and ongoing growth in e-commerce




Selling prices€/tonne

+

32

0.80

0.85

0.90

0.95

1.00

1.05

1.10

12/2012 12/2013 12/2014 12/2015 12/2016 12/2017

Source: Mondi

Sack kraft paper

● Selling price up around 5% to 6% on average in 2017 vs 2016

● Good demand, particularly in our export markets

● Implemented sack kraft paper price increases in all markets from the beginning of 2018 resulting in increases in the range of 8% to 9% compared to average 2017 price levels

Speciality kraft paper

● Good demand

● Selling prices on average higher than 2016


Unbleached sack kraft paper - Europe


Selling pricesPrices indexed to December 2012

+

33

Corrugated Packaging● Strong organic volume growth of 6% driven by:○ good growth across central and eastern Europe○ continued growth in e-commerce○ contribution from recently completed capital investments

● Good progress in implementing price increases to compensate significantly higher paper costs - efforts ongoing

● Short-term margin pressure anticipated given usual delay in passing on paper price increases, compounded by recent paper price increases

Industrial Bags ● Volume growth of 2%○ strong growth in eastern Europe, Russia, Africa and SE Asia○ weaker western European and North American volumes

● Margins under pressure in the second half, following sack kraftpaper price increases in Q2

● Strong cost management and continued restructuring initiatives to optimise plant network

● 2018 annual contracts finalised - price increases implemented largely reflecting the full cost base impact of recent paper price increases

Fibre Packaging


+


0.9

1.0

1.1

1.2

1.3

2013 2014 2015 2016 2017

Corrugated packaging Industrial bags

Production volumesVolumes indexed to 2013

86 102 120 123 111

11.8%13.4% 13.9% 13.5%

11.3%

5.1% 5.5% 5.9% 6.4%5.4%


34

● Underlying operating profit increased 9% on 2016

● Benefiting from:

○ improved product mix- focus on value-added segments- exiting lower margin business

○ one-off gains ○ positive contribution from acquisitions

● Partly offset by:

○ lower like-for-like sales○ higher fixed costs ○ negative currency effects

● Programme launched to restructure the cost base and align capacity to current market requirements

● Joined Ellen MacArthur Foundation’s New Plastics Economy Initiative – three-year initiative to mobilise the transition towards a global plastics system, based on circular economy principles

Consumer Packaging


+79 96 108 121 132

8.7%

10.4% 10.7% 10.5% 10.4%

5.6%7.0% 7.4% 7.7% 8.0%



35

● Strong performance

○ Underlying operating profit of €331 million ○ ROCE of 27.8%

● Higher average selling prices achieved across all regions on stable volumes and focus on driving performance mitigating effects of:

○ lower fair value gain on forestry assets(down €21 million year-on-year)

○ higher cash costs, in particular wood and energy in Europe and South Africa

● Newsprint production ceased at Merebank mill (South Africa) at the end of the year

Uncoated Fine Paper


+224 227 341 375 331

15.0%17.0%

27.0%32.3%

27.8%

12.2% 13.2%19.3% 21.8%

18.1%



1,0001,2001,4001,6001,8002,000

2013 2014 2015 2016 2017

‘000

tonn

es

Uncoated fine paper (UFP) Net market pulp

VolumesUFP production volumes / net market pulp

36

500

550

600

650

700

750

800

850

900

12/2012 12/2013 12/2014 12/2015 12/2016 12/2017A4 B-copy Pulp (BHKP)

Source: FOEX Indexes Ltd

Demand● Flat year-on-year European demand, above expected long-term

trend of 1-2% per annum decline

● Demand in Russia and South Africa in line with our long-term estimate of 0-1% growth per annum

Supply● Temporary supply disruptions in Europe during the year

● Reduced imports compared to 2016

Prices● Average benchmark European prices similar to 2016 and 2% up

in H2 2017 vs H1 2017

● Price increase of up to 5% implemented in January 2018 in Europe

● Selling prices increased in Russia and South Africa towards the end of 2017 to offset domestic inflation

● Further price increases announced across our range of uncoated fine papers in Europe, Russia and South Africa for implementation from the end of March 2018. Price increases achieved remain subject to individual negotiations with customers

Uncoated Fine Paper | industry fundamentals


Pulp and A4 B-copy prices€/tonne

+

37





Summary

Appendices

38

Summary

● Robust business model with proven and clear strategy

● Conservative management committed to investment grade credit metrics

● Strong liquidity position supported by significant cash generation

● Recent credit rating upgrades received from Moody’s and S&P reflecting the improved business risk

39

Indicative terms for potential transaction

Terms and Conditions

Issuer Mondi Finance plc

Guarantor Mondi plc

Expected note rating Baa1 stable / BBB+ stable (Moody's / S&P)

Status Senior Unsecured

Currency EUR

Tenor [7-10] years

Size EUR500m expected

Use of proceeds General Corporate Purposes

Denomination 100k + 1k

Governing law English

Listing London

Covenants / Terms Negative Pledge, 3mth Par Call

Documentation EMTN Programme

Active bookrunners Bank of America Merrill Lynch, Barclays, HSBC

40

Q&A

41





Summary

Appendices

42

Global packaging and paper group● around 26,300 employees

● present in more than 30 countries

● key operations located in central Europe, Russia, North America and South Africa

Offering over 100 packaging and paper products, customised into more than 100,000 different solutions for customers, consumers and industrial end-users

Integrated across the packaging and paper value chain from managing forests and producing pulp, paper and plastic films, to developing and manufacturing effective and innovative industrial and consumer packaging solutions

Dual listed company structure● JSE Limited for Mondi Limited (primary listing)

● London Stock Exchange for Mondi plc (premium listing)

A global packaging and paper group

43

Industries we serve

Automotive Building and construction

Packaging and paper converting

Chemical

Pet care

Home and personal care Medical and pharmaceutical

Retail and E-commerce

Agriculture

Office and professional printing

Shipping and transport

Food and beverages

44

Our global footprint

Corporate officesJohannesburgLondonVienna

Production sitesAustriaBelgiumBulgariaChinaCôted’IvoireCzech RepublicFranceGermany

HungaryIraqItalyJordanLebanonMalaysiaMexicoMorocco

NetherlandsOmanPolandRussiaSerbiaSlovakiaSouthAfricaSouthKorea

SpainSwedenThailandTurkeyUkraineUKUS

Key

ConsumerPackaging

Uncoated FinePaper

Packaging Paper

Fibre Packaging

45

Leading market positions

Please see sources and definitions at the end of this document

Consumer flexible packaging

Europe

Uncoated fine paper Europe

Kraft paperGlobal

Industrialbags

Global


Europe

# 1 # 2 # 3

Corrugated packaging

Emerging Europe

Uncoated fine paper

South Africa

ContainerboardEmerging Europe

Commercial release liner

Europe

Extrusion coatingsEurope

46

Underlying operating profit development

Higher average prices more than offsetting higher costs and negative currency effects

2016 Sales volumes

Sales prices

Variable costs

Cash fixed costs

Fair value gain on forestry

assets

2017

981 11

270 (127)

(43)

(21) 1,018(32)

Currency effects

(21)

Depreciation &

amortisation

Underlying operating profit development€ million

47

Cash flow effects – movement in net debt

Continued strong cash generation used for investment in the business and distribution of dividends

Net debt at 31 December

2016

Cash generated from operations

(excluding working capital)

Dividends paid to

shareholders

Tax and interest paid

Movement in working capital

Capital expenditure

Acquisitions Other

1,383 (1,447)273

61148

234

53 1,326

Net debt at 31 December

2017

122

Movement in net debt€ million

Investment in forestry assets

49

48

Financial review

€ million 2017 2016%

change

Underlying operating profit 1,018 981 4%

Net finance costs (71) (101) 30%

Net profit from equity accounted investees 1 1

Underlying profit before tax 948 881 8%

Tax charge before special items (181) (166) (9%)

Non-controlling interests (43) (48) 10%

Underlying earnings 724 667 9%

Special items (after tax and non-controlling interests) (53) (29)

Profit after tax and non-controlling interests 671 638 5%

Basic earnings per share (euro cents) 138.6 131.8 5%

Basic underlying earnings per share (euro cents) 149.5 137.8 8%

49

Strong market fundamentals in Packaging Paper

Global sack kraft paper

European specialitykraft paper

0.5-1%

2-3%

0.3

European demand growth (%) & capacities 2018-20E, Containerboard

0.1 0.2

Demand growth (%) & capacities 2018-20E, Sack & speciality kraft paper

~0.5 2.8+

Announced capacities (mt)

Announced capacities (mt)3.0

Market demandgrowth (mt)

RecycledTotal Virgin

3%+~2%

~3%

3.3

~3.3 Market demandgrowth (mt) 0.1 0.2-0.3

Source: RISI and Mondi estimates

50

Sustainable development highlights 2017

50

51

Integrated approach to sustainable development

Employee and contractor safety • Avoid work-related fatalities• Prevent life-altering injuries• Reduce TRCR by 5% against 2015

A skilled and committed workforce • Engage with our people to create a better workplace

Fairness and diversity in the workplace • Promote fair working conditions in the workplace

Sustainable fibre • Maintain 100% FSC™ certification of our forests and

promote sustainable forest management• Procure a minimum of 70% of wood from FSC or PEFC™

certified sources with the balance meeting our company minimum wood standard

Climate change • By 2030, reduce specific CO2e emissions by 15% against

2014¹

Growing Responsibly Looking ahead to 2020: 16 commitments across 10 action areas

Constrained resources and environmental impacts• By 2020, reduce against 2015:

• specific contact water consumption (5%)1

• specific waste to landfill (7.5%)• specific NOx emissions (7.5%)1

• specific effluent load (COD) (5%)

Biodiversity and ecosystems • Promote ecosystem stewardship in the landscapes where

we operate through continued multi-stakeholder collaboration

Supplier conduct and responsible procurement • Encourage supply chain transparency and promote fair

working conditions together with our key suppliers

Relationships with communities• Enhance social value to our communities through effective

stakeholder engagement and meaningful social investments

Solutions that create value for our customers• Encourage sustainable, responsibly produced products

1 From our pulp and paper mills51

52

Pulp and paper integrated value chain (2017)Net exposure

1.4 mt

Consumption2

0.3 mt

Net exposurebalanced

Consumption2

0.6 mt

Net exposure0.4 mt

Consumption2

0.8 mt

External sales 1.6 mt

Net exposure0.2 mt


1.7 mt

Paper for recycling

1.3 mt

Mondi managed forests

AAC: 8 million m3


0.6 mt

Kraft paper1.2 mt

Uncoated fine paper3

1.6 mt

Paper mill35.1 mt

Pulp mill4.3 mt

Externally procured wood13 million m3

Internally procured wood1

4 million m3

1 Due to commercial, logistic and sustainability considerations, the actual wood procured 2 Total consumption (aggregate of internal and externally procured packaging paper)from our managed forests was lower than the annual allowable cut (‘AAC’) 3 In addition to the 1.6mt of uncoated fine paper, the Group also produced 0.3mt of newsprint in 2017

53

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2013 2014 2015 2016 2017

Pulp Paper Wood Paper for recycling Energy Chemicals Plastics Other variable costs

Input costs

Variable costs€ million

54

23.1% 22.8% 23.0% 23.2% 23.5%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

0

500

1,000

1,500

2,000

2,500

2013 2014 2015 2016 2017Depreciation, amortisation and impairments Other net operating expensesPersonnel costs Maintenance and other indirect expensesFixed costs excluding depreciation, amortisation and impairments as a % of revenue

Fixed costs

Fixed costs composition (excluding special items)€ million

55

Taxation● Effective tax rate of 19%

○ Benefits of tax incentives related to our capital investments in Poland and Russia

○ Recognition of deferred tax assets related to previously unrecognised tax losses

Working capital● Net cash outflow of €122 million (2016: inflow of

€68 million)

Taxation and working capital

Taxation

€ million 2017 2016%

change

Underlying tax charge 181 166 (9%)

Cash tax paid 151 173 13%

Effective tax rate 19% 19%

711 811 794 799 899

11.0%12.3%

11.6%12.0% 12.7%

2013 2014¹ 2015 2016 2017

Working capital Working capital as a % of revenue

1 Working capital as a % of revenue is based on annualised revenue from acquisitions

Working capital management€ million

+

56

Production volumes

2017 2016%

changePackaging PaperContainerboard '000 tonnes 2,297 2,253 2%Kraft paper '000 tonnes 1,206 1,204 -Softwood pulp '000 tonnes 2,010 1,976 2%Hardwood pulp '000 tonnes 547 500 9%

Fibre PackagingCorrugated board and boxes million m2 1,650 1,448 14%Industrial bags million units 4,952 4,881 1%Extrusion coatings million m2 1,281 1,249 3%

Consumer Packaging million m2 7,437 7,156 4%

Uncoated Fine PaperUncoated fine paper '000 tonnes 1,644 1,666 (1%)Softwood pulp '000 tonnes 375 375 -Hardwood pulp '000 tonnes 1,345 1,319 2%Newsprint '000 tonnes 277 313 (12%)

57

Market position sources and definitions

Europe – Europe including Russia and Turkey

Emerging Europe – Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Georgia, Hungary,Latvia, Lithuania, Macedonia, Malta, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, Turkey, Ukraine

North America – Canada, Mexico, USA

Virgin containerboard (Europe) and Containerboard (emerging Europe) based on capacity – Source: RISI European Paper Packaging Capacity Report and Mondi estimates

Kraft paper (Global) based on capacity – Source: RISI European Paper Packaging Capacity Report, RISI Mill Asset Database, Pöyry Smart Terminal Service and Mondi estimates

Corrugated packaging (emerging Europe) based on production – Source: Henry Poole Consulting and Mondi estimates

Industrial bags (Global) based on sales volume – Source: Eurosac, Freedonia World Industrial Bags 2016 study and Mondi estimates

Extrusion coatings (Europe) based on sales volumes – Source: AWA Extrusion Coated Materials European Market Study and Mondi estimates

Consumer flexible packaging Europe based on sales – Source: PCI Wood Mackenzie – Flexible Packaging, European Supply/Demand report, 2017

Commercial release liner (Europe) based on sales volumes – Source: AWA European Release Liner Market Study and Mondi estimates

Uncoated Fine Paper (Europe) based on sales volumes (Ilim JV considered separate from IP) – Source: Euro-Graph delivery statistics, EMGE WoodfreeForecast, EMGE World Graphic Papers, RISI Mill Asset Database, Eastconsult and Mondi estimates

Uncoated Fine Paper (South Africa) based on Mondi estimates

Mondi region definitions

Sources for market position estimates

58

Mondi: Forward-looking statements disclaimer

This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial position, business strategy, market growth and developments, expectations of growth and profitability and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mondi, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions and are based on numerous assumptions regarding Mondi’s present and future business strategies and the environment in which Mondi will operate in the future. These forward-looking statements speak only as of the date on which they are made.

No assurance can be given that such future results will be achieved; various factors could cause actual future results, performance or events to differ materially from those described in these statements. Such factors include in particular but without any limitation: (1) operating factors, such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development plans and targets, changes in the degree of protection created by Mondi’s patents and other intellectual property rights and the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for Mondi’s products and raw materials and the pricing pressures thereto, financial condition of the customers, suppliers and the competitors of Mondi and potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in Mondi’s principal geographical markets or fluctuations of exchange rates and interest rates.

Mondi expressly disclaims

a) any warranty or liability as to accuracy or completeness of the information provided herein; and

b) any obligation or undertaking to review or confirm analysts’ expectations or estimates or to update any forward-looking statements to reflect any change in Mondi’s expectations or any events that occur or circumstances that arise after the date of making any forward-looking statements,

unless required to do so by applicable law or any regulatory body applicable to Mondi, including the JSE Limited and the LSE.

Disclaimer

59

The information contained in this Investor Presentation is only being distributed to and is only directed at (i) persons who are outside the United Kingdom; or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (iii) to high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Information or any of its contents.In any EEA Member State that has implemented the Prospectus Directive, the Information is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. The "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in that Member State), and includes any relevant implementing measures in that Member State.

The information contained in this Investor Presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase the Notes in any jurisdiction or an inducement to enter into investment activity, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the securities. Any decision to purchase the securities should be made solely on the basis of the information to be contained in the Prospectus and any supplements to the Prospectus (or equivalent disclosure documents) produced in connection with the offering of the securities. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of Mondi and the nature of the securities before taking any investment decision with respect to the securities. The Prospectus and any supplements to the Prospectus (or equivalent disclosure documents) may contain information which differs from the information contained in this Investor Presentation. Any purchase of securities should be made solely on the basis of the Prospectus and any supplements to the Prospectus (or equivalent disclosure documents) prepared in connection with the offering of the securities.

Disclaimer

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